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Forget the IoT: It’s all about the Industrial IoT

Smart televisions, talking home assistants, consumer wearables – that’s not the real story of the Internet of Things. While those are fun and get great stories on blogs and morning news reports, the real IoT is the Industrial IoT. That’s where businesses will truly be transformed, with intelligent, connected devices working together to improve services, reduce friction, and disrupt everything. Everything.

According to Grand View Research, the Industrial IoT (IIoT) market will be $933.62 billion by 2025. “The ability of IoT to reduce costs has been the prime factor for its adoption in the industrial sector. However, several significant investment incentives, such as increased productivity, process automation, and time-to-market, have also been boosting this adoption. The falling prices of sensors have reduced the overall cost associated with data collection and analytics,” says the report.

The report continues,

An emerging trend among enterprises worldwide is the transformation of technical focus to improving connectivity in order to undertake data collection with the right security measures in place and with improved connections to the cloud. The emergence of low-power hardware devices, cloud integration, big data analytics, robotics & automation, and smart sensors are also driving IIoT market growth.

Meanwhile, Markets & Markets predicts that IIoT will be worth $195.47 billion by 2022. The company says,

A key influencing factor for the growth of the IIoT market is the need to implement predictive maintenance techniques in industrial equipment to monitor their health and avoid unscheduled downtimes in the production cycle. Factors which driving the IIoT market include technological advancements in semiconductor and electronics industry and evolution of cloud computing technologies.

The manufacturing vertical is witnessing a transformation through the implementation of the smart factory concept and factory automation technologies. Government initiatives such as Industrie 4.0 in Germany and Plan Industriel in France are expected to promote the implementation of the IIoT solutions in Europe. Moreover, leading countries in the manufacturing vertical such as U.S., China, and India are expected to further expand their manufacturing industries and deploy smart manufacturing technologies to increase this the contribution of this vertical to their national GDPs.

Read more in my essay, “Forget Fitbit And Smart TVs: The Industrial IoT Is The Real Story.”

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